25 paragraphs found
This Guidance Statement has been formulated by the Auditing and Assurance Standards Board (AUASB) to provide guidance to auditors of mortgage schemes which are regulated by the Australian Securities and Investments Commission (ASIC) and are subject to …
This Guidance Statement is issued on 12 August 2009 by the AUASB and replaces AGS 1058 Auditing Mortgage Investment Schemes which was issued in July …
The guidance in this Guidance Statement is to be read in conjunction with that contained in GS 013 Special Considerations in the Audit of Compliance Plans of Managed Investment Schemes for audits of mortgage schemes’ compliance plans undertaken pursuant …
Auditors of mortgage schemes are required to adhere to the mandatory requirements contained in Auditing Standards (ASAs) when undertaking financial report audits and the requirements contained in Standards on Assurance Engagements (ASAEs) when undertaking …
It is important to note that this Guidance Statement does not impose any responsibilities on the auditor beyond those which are imposed by ASAs, ASAEs and the requirements of the Act. The provisions of the Act in this area are supported by ASIC Regulatory …
ASIC’s regulatory framework for mortgage schemes principally consists of: a requirement for operators of mortgage schemes, that meet the criteria for registration as a managed investment scheme, to comply with Chapter 5C of the Act; application of RG 144 …
For schemes of this kind with no more than 20 investors and no more than $7.5 million in total loan capital, ASIC allows such operators to participate in an industry-based compliance structure approved by ASIC. However, ASIC has indicated that it will …
RG 144 indicates that a mortgage scheme is likely to be regarded as being a managed investment scheme if: the legal or commercial character of the investment is determined by the nature of the business operations of the promoter e.g. where money …
RG 144 recognises that subsection 601ED(1) must also be satisfied for a mortgage scheme to be required to be registered as a managed investment scheme under Chapter 5C. In particular registration may be required under subsection 601ED(1) if: the scheme …
Auditors of smaller schemes not directly regulated by ASIC but administered as part of an industry-based compliance structure may also be required to report on various compliance matters as part of the auditing arrangements which are agreed to with the …